Single Family Rehabilitation

Application

The City is offering rehabilitation loans to owners of single family residences. Funds will be made available on a first-come, first-served basis. A homeowner may be eligible to borrow up to $75,000.

The City designed the Residential Rehabilitation Programs to rehabilitate properties by correcting code violations, potential code violations, or unsafe living conditions. This program is not designed for upgrading, remodeling or room additions.

Eligibility

Household annual income must be at or below 80% of area median income (AMI), as published by the U.S. Department of Housing and Urban Development (HUD)

Acceptable credit history

Loan to Value

Terms

Amortized loan for 20-30 years or deferred up to 30 years (depends on funding source)

Interest rates vary (1% - 3%)

Owner-Occupied for life of loan

The maximum amount of loan funds available for any individual home, regardless of funding source, is $75,000. Loan amount depends upon eligible repairs to be completed and agreed upon by the homeowner. Funds may be utilized for a variety of home improvement projects which address both code deficiencies and general improvements to the property. At least 40% of the total rehabilitation costs must be to correct code-related items. Improvements may include, but are not limited to the following:

Interior/exterior painting

Plumbing

Electrical

Roofing

Heating

Structural issues (foundation)

Landscaping

Driveway repair/replacement

Bedroom/Bathroom additions to relieve overcrowding

Cost of all but $2,500 of the work to remediate hazardous substances may be forgiven.